Surviving The Storm: Over 1 Billion Dirhams in Motor Claim

On this week’s episode of Taking Care of Business, join CEO, Carl Allsopp and Managing Director of Beneple, Sonny Ridgewell, as they talk all things insurance after Dubai's heaviest rainfall in 75 years. From over AED 1 Billion in motor claims, the importance of home insurance, and the fine print in your insurance that can save you thousands.

Let’s dive into everything they discussed!

The conversation begins with Carl going into the unprecedented rainfall and storm experienced recently in Dubai, causing flooding and significant damage to homes, vehicles, and businesses. He asks Sonny to share his insights into how the insurance market managed this. Sonny shares insights into the surge in insurance claims and the challenges faced by both individuals and companies in assessing and addressing the damages.

He discusses the importance of timely claim registration and highlights the most important role of insurance companies in managing the overwhelming volume of claims. Sonny also discusses the significance of home insurance in Dubai, where only a small percentage of homes are insured, despite the relatively low cost compared to other markets. He explains how this storm has impacted many homes, and why homeowners must opt for home insurance plans moving forward.

Carl then extends the discussion to the implications for businesses, including disruptions to operations, loss of revenue, and the various types of insurance coverage available to mitigate risks. Sonny shares how there is a need for businesses to assess their insurance needs comprehensively and dives into the various options for protecting against potential losses.

Throughout the conversation, Sonny sheds light on various aspects of insurance coverage, drawing from his experience in the industry. He discusses the complexities of assessing damages for both personal and commercial properties and talks about the importance of documenting losses accurately to expedite the claims.

Carl asks Sonny to share real-life examples of insurance claims, to which Sonny speaks on the diverse challenges faced by individuals and businesses in the aftermath of the recent storm and weather events. From flooded homes to damaged vehicles and disrupted operations, in each scenario he shares, he discusses the critical role of insurance in providing financial protection and stability.

To conclude, Carl and Sonny address the common misconceptions about insurance coverage and Sonny shares how the affordability and accessibility of insurance options in Dubai are unmatched when compared globally. He explains to Carl, how he often proactively tells his clients to evaluate their insurance needs and explore comprehensive coverage plans tailored to their specific requirements.

To continue listening, tune into Taking Care of Business, every Friday!